Standard Life Aberdeen sells insurance arm to Phoenix

Mon, 26 Feb 2018 | BUSINESS SALE

Standard Life Aberdeen (SLA) has revealed it is selling its insurance arm to Phoenix Group for GBP3.2bn.

The firm is now focusing purely on asset management and the sale to Phoenix marks the end of a long transition period. The sale follows last year’s merger between Standard Life and Aberdeen Asset Management, which onlookers saw as a signal that Standard Life’s insurance business would be sold off.

Commentators claim that the fact that the buyer is Phoenix has come as somewhat of a surprise following initial interest from Lloyds, who were going to join its Scottish Widows brand with Standard Life’s insurance arm. However, that deal fell apart when neither side could agree on the terms. A by-product of that disagreement is that SLA is no longer to manage the GBP109bn of Scottish Widows assets it currently has on its books.

Keith Skeoch, co-chief executive of SLA, said that the Phoenix deal “completes our transformation from a capital-heavy insurance business.” The cash and shares purchase is also part of a much bigger arrangement that will see SLA’s smaller rival entrust SLA with billions of pounds for it to manage.

Clive Bannister, Phoenix’s chief executive called the deal a “game changer,” adding: “This is ginormous for us.”


Share this article



Latest Businesses for Sale

Iconic British Motorcycle Manufacturer
Oxfordshire, South East, UK

Hand built in their workshop in Oxfordshire and delivered to enthusiasts and collectors all over the world, this is a fantastic and very rare opportunity to take on a truly iconic brand and develop the business to bring out the full potential that br...

Asking Price: £3,750,000
Turnover: £500,000

RELOCATABLE


Recruitment Company: Transport, Logistics & Warehousing Sectors
North West, UK

Offers a comprehensive employment process to ensure all candidates are qualified and meet the required safety and licence checks. Offers invited.

Asking Price: Offers Invited
Turnover: £3,200,000

LEASEHOLD


Business Resilience Continuity Consultancy
London, UK

Provides a range of specialist consultancy through planning, training and exercising, with a focus on crisis management and business resilience and continuity. Offers invited.

Asking Price: Offers Invited
Turnover: £713,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
15
 
Jun
 

Equity funding reaches record high for SMEs | BUSINESS NEWS

As investment rises outside of the capital, small businesses...

 
14
 
Jun
 
 
13
 
Jun
 

Sipp firm with a total investment value of £130m enters administration | ADMINISTRATION

GPC Sipp Limited, a firm specialising in providing technical...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
15
 
May
 

Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE

Challenge TRG Group, headquartered in Wigan, has successfull...

 
08
 
Oct
 

Housebuilder turnaround may net owners a fortune | BUSINESS SALE

Derbyshire-based Avant Homes is reportedly being groomed for...

 
27
 
May
 

Axa sells SunLife division to Phoenix for £375 million | DIVISION SALE

French multinational insurance company Axa has sold some of ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources